Abu Dhabi / Emirates Business
His Highness Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council, on Tuesday opened ‘Cityscape Abu Dhabi 2017’ at Abu Dhabi National Exhibition Centre (ADNEC) which is regarded as the key barometer for the region’s property sector, Cityscape Abu Dhabi acts as a platform for developers, investors, real estate professionals and government
entities to meet and do
The event is held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The three-day real estate event draws the participation of over 100 companies exhibitors from 13 countries from around the world.
The 11th edition of Cityscape Abu Dhabi opened its doors to thousands of local, regional and international visitors who flocked to the capital’s largest real estate event to meet more than 100 exhibitors and see a host of new project launches.
The property exhibition comes as new regional market research studies reveal that the UAE is the most appealing country to invest in real estate in the Middle East.
Figures from a new YouGov survey, commissioned ahead Cityscape Abu Dhabi revealed that 88% of home buyers, individual investors and institutional investors believe that the UAE is the most appealing country to invest in real estate in the region, followed by Qatar (4%).
This preference mirrors home owners’ and buyers’ reasons for wanting to invest, with return on investment (81%), capital appreciation (78%) and the availability of multiple options (78%) to be the main drivers behind the UAE’s appeal.
Taking place from April, 18-20 at ADNEC, Cityscape Abu Dhabi is held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
With approximately 3,100 residential units completed in Abu Dhabi last year, predominantly within Reem Island, Saraya, Danet and Rawdhat, the total property stock reached 248,000 units in the capital.
David Dudley, Head of Abu Dhabi Office, JLL revealed in his key note speech and quarterly report at the Cityscape Abu Dhabi Conference that a significant proportion of the 5,000 units scheduled for completion this year may face some delays in the final stages of
approvals and handovers,
in order to alleviate and measure supply and demand.
Dudley said: “There are signs of 2017 and 2018 supply completions being higher than 2015-2016. We expect that as market conditions start to improve in Dubai and government spending returns to Abu Dhabi, the market will head back towards recovery and it will be important for supply completions to remain balanced.”
The half-day conference also saw HE Khalifa Bin Salem Al Mansouri deliver a welcome speech, followed by Omar Al Busaidy, Abu Dhabi Experience Development Unit Head, Tourism & Culture Authority Abu Dhabi, who delivered a keynote speech on Destination Abu Dhabi discussing the anticipated impact of upcoming landmark projects in the capital on the UAE’s real estate sector.
More than 100 exhibitors are out in full force this week at Cityscape Abu Dhabi showcasing their latest developments and offering exclusive discounts and promotions to visitors of the exhibition.
TDIC presented its residential real estate offerings available for sale on Saadiyat island, including a preview of the apartments for purchase in Mamsha Al Saadiyat, the first development of its kind in the Saadiyat Cultural District, and home to the single largest collection of acclaimed cultural assets in one setting: Zayed National Museum, Louvre Abu Dhabi, Guggenheim Abu Dhabi and Manarat Al Saadiyat.
The Abu Dhabi Urban Planning Council (UPC) revealed that a number of mosques, parks, playgrounds and sports facilities will be developed across Abu Dhabi as part of their initiative for the Year of Giving, while Wahat Al Zaweya Company for Investment and Real Estate Development launched 400 pieces of land for UAE nationals.
Aldar launched their latest mid-market project on Reem Island – The Bridges, a 1,272 unit, AED1.3billion development which offers high quality amenities and a prominent location close to Abu Dhabi’s main business and cultural districts, with prices starting from AED450,000.
Bloom Properties announced the commencement of the main works at Faya, the fourth phase of its master planned community in the UAE capital’s Bloom Gardens.
A new feature on the show floor, Cityscape Talks became a hub of activity as visitors took advantage of the free to attend presentations designed to help them make informed investments at the event.
Lynnette Abad, Partner at Property Monitor, will be one of the experts to address the crowds during the Talks today (19 April).
Abad said: “While the rate of decline in Abu Dhabi residential prices has slowed in comparison to the last year, the market is expected to remain under pressure from the fallout of redundancies and oil price movement.
“That said, communities with established infrastructure, amenities and locational advantages have fared better and these factors are expected to drive demand in future as well. Also, an interesting shift in neighbouring Dubai market this year is the entry of residential options at lower price points, for instance villas for as low as AED 1.8 million, and such offerings targeting first time buyers could stimulate activity from a wider set of buyers within the Abu Dhabi market.”
Reinforcing the sustained investor confidence in the local market, a number of major UAE developers have a commanding presence at Cityscape Abu Dhabi this year, including Aabar Investments, Azizi Developments, Eagle Hills, Hydra Properties, Mubadala and Tamouh Investments.
Hazza updated on progress of AED3.3bn Zayed City project
Abu Dhabi / WAM
HH Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council, visited the Abu Dhabi Urban Planning Council (UPC) stand at Cityscape Abu Dhabi , as he received a full update on the progress of the Zayed City project.
HH Hazza was given a briefing on the vast 45km2 mixed-use mega-project by Falah Al Ahbabi, Director-General of the UPC, in the presence of contributing stakeholders.
Zayed City, located
between Abu Dhabi International Airport and Mohammed bin Zayed City, is a fusion of social, economic and environmental elements, and will emerge as a new residential and commercial heart of Abu Dhabi. It represents close collaboration between the UPC, Musanada, Abu Dhabi Municipality and Abu Dhabi Housing Authority.
During the tour, it was revealed that essential infrastructure works, including the road network, sewage, lighting, electricity and water networks, are close to 20 percent complete, with the entire project scheduled to launch in 2020.
Named in honour of the UAE’s Founding Father, Sheikh Zayed, the vibrant project has been given a new identity revealed today at Cityscape. It includes a fresh logo that highlights the seven main boulevards radiating from Zayed City, each representing one of the UAE’s seven emirates.
The project, which forms a key aspect of the Abu Dhabi Plan, is valued at around AED3.3 billion, making it one of the largest and most ambitious developments being planned in the UAE.
Once complete, the district will house an estimated 370,000 residents, as the residential area represents 60 per cent of the project total area, all of whom will have close access to schools and universities, healthcare centers, hotels, mosques, Government agencies, embassies, and a huge range of leisure amenities.
Built to comply with the UPC’s full suite of planning frameworks and manuals, the project will provide a model for high-quality sustainable living in Abu Dhabi.
Falah Al Ahbabi, Director-eneral of the UPC, said: “The UPC is honoured to provide the UAE’s leadership and members of the public with updates on the progress of one of Abu Dhabi’s most important development projects.
“There is no better forum than Cityscape Abu Dhabi to disclose major milestones and today’s progress report highlights that different project stakeholders in Abu Dhabi are making positive strides towards a common goal.”
Abu Dhabi General Services Company, Musanada, is building infrastructure for the “Emirates district” area of Zayed City. The 17.1 million m? project is set to be delivered by the end of 2019 with a value of more than AED billion, including roads and infrastructure works.
The 22,000-resident district is expected to include 2,790 residential plots, 35 mosques, 45 gardens and 15 schools within a residential community that extends 1,401 hectares.
The firm is also working on the Commercial District within Zayed City. Soil leveling and settling works have begun in the northern and southern districts, as well as the mosque area and the Central Business District launched at the beginning of February 2017. Infrastructure works costing approximately AED 9 billion will begin in the Southern Business District in early 2017 and will be completed by the end of 2019.
Eng. Suwaidan Rashed Al Dhaheri, Acting CEO of Abu Dhabi General Services Company (Musanada), said: “We are delighted to be working on this project which is so aligned to the Abu Dhabi Plan and its objectives. The work we are doing for the ‘Emirates district’ will help provide a sustainable infrastructure that serves our society and economy while delivering the best world standards.”
Visitors to Cityscape Abu Dhabi, which runs at ADNEC from April 18-20, got to sample a taste of life at Zayed City using an interactive visual experience at the UPC stand. Delegates were able to view a hologram image of the project and access certain parts of the Master Plan for more information, such as Emirati housing neighbourhoods, commercial districts and community amenities. Investors were even able to use an app that identifies the exact plot they have bought.
Director-General of the Abu Dhabi Housing Authority, Saif Bader Al Qubaisi, said: “The Authority is keen to cooperate with all government agencies in Abu Dhabi as we seek to establish a cohesive, diverse and sustainable residential community by making sure that all housing projects have been planned, designed and constructed in accordance with Abu Dhabi Housing Authority standards.”
In line with the UPC’s Complete Sustainable Communities mission, Zayed City will provide low density residential neighbourhoods, mosques, schools, parks and shops to ensure a high quality of life and will be designed around the UPC’s four pillars of sustainability – the natural environment, economic development, cultural heritage and social cohesion.
Musabah Mubarak Al Marar, Acting Director-General of Abu Dhabi City Municipality, said: “The Municipality is moving ahead with the implementation of infrastructure projects in Abu Dhabi to reflect the Abu Dhabi comprehensive development plan. We are keen to review the technical aspects of the project to ensure that all requirements, manuals and specifications are met as well as issuing of necessary planning approvals in line with the continuous urban development of the Emirate of Abu Dhabi.”
The Municipality of Abu Dhabi City also announced it has now established an ad hoc committee for the project, with the decision makers representing all service providers, in order to identify all the challenges of the project, work to overcome them, and to provide the necessary guidance to serve the continuity of the project and implementation in accordance with the best international standards.
As the government agency managing the physical planning of Abu Dhabi, the UPC developed the Zayed City Master Plan during a series of workshops featuring a team of international experts, including architects, urban planners, urban designers, transportation engineers and transportation planners.
Al Qudra showcases ‘traditional
souq’ project in Abu Dhabi
Abu Dhabi / WAM
Al Qudra Real Estate, the real estate investment arm of Al Qudra Holding, announced that it is participating in Cityscape Abu Dhabi 2017, to showcase its future projects including the Traditional Souq project in Abu Dhabi, Barari Ain Al Fayda project and Kasr Al Bahr Hotel in Rabat, Morocco.
Mohammed Bin Thaaloob Al Derei, Chairman of Al Qudra Holding, said, “Our participation at Cityscape Abu Dhabi 2017 comes in line with our commitment to contributing to the prosperity and development of Abu Dhabi and promoting its unique image of civilisation and its high-end urban status reached by the emirate on a global level. We aim to set an effective strategy by supporting major
developmental investment projects in multiple areas.”
Khalifa Yousef Khouri, Chairman of Al Qudra Real Estate, said, “We are proud of our continuous presence at Cityscape Abu Dhabi, which has gained a prestigious reputation and has become a focal industry event locally. As one of the key players in Abu Dhabi’s real estate industry, we are working to deliver projects with high quality standards. We are currently developing several residential and commercial communities in Abu Dhabi, Al Ain and Morocco, in line with the urban expansion that meets the demands of the industry.”